Americans are driving less than they have in decades. Populations are flocking to smaller, urban communities over sprawling suburbs. And consumers in their 20s and 30s increasingly prefer small, local shops to big-box retail.

The proliferation of e-commerce also means that consumers can order many products online rather than having to drive to the store.

"The days of swinging the doors open on a dusty warehouse and waiting for throngs of customers to descend on it are numbered," Stephens said.

Retailers could repurpose the stores in a few ways, Stephens said. Some spaces could be used to test showrooms or store formats. Retailers could also use the venues for e-commerce.

"Either you turn them into retail spaces that are so wildly experiential and memorable that people will travel to get to, or you make them multi-purpose distribution centers that allow for direct-to-home delivery, buy-online-pickup-in-store and other types of services," he said.

Many retailers have begun to use stores as e-commerce distribution centers. Wal-Mart and Sears have recently started encouraging customers to pick up pre-ordered merchandise in stores.

Page 2 of 2 - In some markets, communities are turning deserted stores into public spaces.